MINNEAPOLIS, September 30, 2021 / PRNewswire / – Centerspace (NYSE: CSR) today announced that it has modified and expanded its $ 250 million Revolving credit facility. The new installation includes an accordion function for up to $ 400 million and matures in September 2025 with two optional six-month extensions. In addition to the new line of credit, existing bank term loans totaling $ 145 million were repaid in full with the proceeds of the issue of $ 125 million in senior unsecured notes as well as additional proceeds from the refinancing of the KMS portfolio.
Bank of Montreal served as administrative agent for the extension of the credit facility with BMO Capital Markets Corp., BofA Securities, Inc. and PNC Capital Markets, LLC as Principal Arrangers and Associate Bookkeepers.
“This overhaul completes a series of financing activities this quarter that significantly reduce our average cost of borrowing and extend our average term,” said Mark O. Decker Jr., President and CEO. “Completed financing activities reduced our weighted average interest rate from 3.70% to June 30, 2021, at 3.35% and our weighted average maturities of 4.9 years at June 30, 2021 at 7.6 years. We are grateful for the work of our banking group to help Centerspace build greater financial flexibility. These actions improve our ability to be competitive in today’s environment. ”
Centerspace is an apartment community owner and operator committed to delivering great homes with a focus on integrity and serving others. Founded in 1970, the company currently owns 79 apartment communities made up of 14,275 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
If you would like more information on this topic, please contact Emilie Miller, Investor Relations, at (701) 837-7104 or [email protected].
SOURCE central space